| Payday Loans Target of Lawmakers, Faith-Based Organizations |
Lawmakers, faith-based organizations, and several charities have joined a coalition of allies with the goal of placing regulations on payday loans throughout Texas.
In an attempt to create regulations for payday loan and paycheck advance companies throughout Texas nearly 40 hours of mediation between representatives for the industry and consumers took place, ultimately resulting in three bills that some believe may end some of the more extreme practices of some payday loan companies.
Some individuals who take out payday loans may not be able to pay back their loan at the end of their agreement, which can result in costly fees in addition to the total cost of paying back the loan. This cycle of paying off the fees and rolling the loan over sometimes results in severe debt, without ever paying off the original loan. The Texas bills and mediation are intended to prevent this from happening, as well as help lawmakers understand the business more by requiring reports on business activities by the lenders.
If you take out a cash loan for an emergency you should always remember that you will have to pay back the loan. If you don't whenever your agreement states that you are required to do so, the fees can stack up rapidly and result in enormous charges. By taking out a loan you can afford to pay back, you can avoid these types of huge charges.
If you are ready to apply for a payday loan and are in an emergency situation in which a little extra on-hand cash can help you through a hard time, get started today with our online payday loan application!
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